Free economic zone on Armenia-Iran border to be focused on joint enterprises’ work

YEREVAN, June 4. /ARKA/. The free economic zone projected to be created on the Armenia-Iran border will mainly be focused on the work of joint enterprises, Armenian Economy Minister Karen Chshmaritsyan said on Wednesday.

“This is still just a project, but I think it is quite promising, since Iran was and is our friendly neighbor and development of any economic cooperation with Iran is very beneficial for Armenia, especially if it be a free economic zone ….,” he said.

Chshmarityan said entrepreneurs from Armenia and Armenian communities overseas as well as foreign partners have expressed interest in this idea.

The minister said that in accordance with preliminary arrangement, the operator of the zone will be the Armenian Commerce and Industry Chamber.

Sarkis Aghabekyan, head of the chamber’s investment commission and president of Syunik council of the free economic zone, said earlier that creation of the free economic zone infrastructure in Syunik province is estimated to cost $15 million.

According to the project, creation of a preliminary infrastructure will last no longer than three years, and after that a longer process will be launched for creating more powerful industrial facilities.

Armenia already has two free economic zones – one, IT free economic zone, was launched on August 1, 2013 at Mars plant in Yerevan and at the Yerevan Mathematical Machines Research Institute and the other, for jewelry, diamond-cutting and watch industries, is at AJA Holding’s territory. -0----